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Euro and Cable; Two Rate Decisions. Two Opposite Trade Set-Ups
Ahead of the fundamental Rate decisions; a technical view of two pairs going opposite ways; [IMG]http://www.thelfb.com/wp-content/uploads/03-28-08/EuroDaily.JPG[/IMG] The Euro has formed an Ascending Triangle on the Daily chart, and that will normally lead to a break topside. In this case the upside trend-line is set beautifully and is acting as a solid Support area. The all-time high looks to be easily achievable if the ECB stays on hold, and remain Hawkish on fighting Inflation. Eleven sessions of holding this area may create momentum if the top is tested ahead of the ECB. [IMG]http://www.thelfb.com/wp-content/uploads/03-28-08/CableWeekly.JPG[/IMG] The Cable shows on the Weekly chart how important it is to hold the 1.9650 area as Support. The moves lower really could come in quick time, as seen in trade on Tuesday. Traders have been Selling the Rumor of the Bank of England having to cut Rates on Thursday, and now the question is; how much is a cut already priced in to Cable valuations? There are large channels to trade if the Pound does drop in value. The Bank staying on Hold may create some great Long trading opportunities. [B]Yours sincerely Jack TheLFB Team[/B]
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